NEWS
Multinational - June 03, 2022
OPEC+ members have agreed to a rise in production of 648,000 bopd in July 2022 and the same amount in August 2022, the intergovernmental hydrocarbons organisation…
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BACK TOCOMPANIES
OPEC
H.E. Haitham AL GHAIS
Secretary-General
OPEC
Saudi Arabia’s strategic vision and commitment to collaboration will undoubtedly continue to play a key role in OPEC’s ability to navigate the evolving global energy landscape.
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A fine balance
OPEC is an international organisation that was established in Baghdad in September 1960. Today it is headquartered in Vienna, Austria. It co-ordinates and unifies the petroleum policies of its members. OPEC sets production targets for its member nations and is an important factor affecting global oil prices. Iran is one of the five founding members of the organisation.
- Leadership: OPEC’s secretary-general is Haitham Al-Ghais a Kuwaiti oil official who is a veteran fo the industry.
- Members: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, the UAE, Venezuela
OPEC+, a designation that adds 10 non-OPEC members including Russia, reached a deal in September 2016 to cut approximately 1 million bopd of production. The deal was extended several times and deepened to 7.7 million bopd for August-December 2020.
Company website: www.opec.org
OPEC in figures
Years active as of 2020:60
Number of member states:13
OPEC features
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Multinational - November 29, 2021
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Multinational - October 15, 2021
Oil was up Friday morning in Asia and was set to end the week with gains of more than 2%. There are increasing signs of tight supply over the next few months as soaring…
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NEWS
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Oil was up Monday morning in Asia, continuing multiweek gains. Supply restraints from major producers collided with growing fuel demand as economies continue to re-open…
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NEWS
Multinational - October 08, 2021
Oil was up Friday morning in Asia, with some industries beginning to switch fuel from the higher-priced gas to oil. Doubts also remain on whether the US would release…
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